In this write up, we are going to discuss the taxability, under Income Tax Law, where a private limited company issues share at a price which is more than its Face Value. Section 56(2)(Viib) of Income Tax Act, 1961, stipulates as follows:- where a company, not being a company in which the public are substantially […]
In the previous article, we discussed regarding various provisions of Companies Act, 2013, where valuation is required, profession of registered valuers in India and brief of Valuation Standards issued by ICAI. In this article, we are going to discuss regarding procedure to be adopted or followed while performing a valuation assignment. Followings are the seps […]
Valuation is a process to determine the value of assets. Generally, the term value and price are used interchangeably. However, both are different terms having different meaning. Price of an asset can be same for everyone but value of that asset can not be same for everyone. To ascertain the value, valuation is required. As […]
Law makers observed that there is many companies which are disclosing massive profit in the accounts as laid in the Annual General Meeting (AGM) before the shareholder but at the same time these companies also showing profit nil or bit above nil for the income tax purpose.
Considering the potential of new digital economy and the rapidly evolving nature of business operations it is found essential to address the challenges in terms of taxation of digital transactions as the typical direct tax issues relating to e-commerce are the difficulties of characterizing the nature of payment and establishing a nexus or link between a taxable transaction, activity and a taxing jurisdiction, the difficulty of locating the transaction, activity and identifying the taxpayer for income tax purposes.
In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST.
Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules.
1. There is a transfer of property in goods involved in the execution of such contract, and 2. Such transfer of property in goods is leviable to tax as sale of goods (such as sales tax, VAT or WCT, etc.). It must be noted that the words which are used here are leviable to tax as sale of goods’, therefore, it is not necessary that VAT has been actually paid on the transfer of property involved in such contract.
In this article I have discussed the provisions related to Input Tax Credit (ITC), Returns and Matching of ITC as proposed in report of Sub-Committee-II on Model GST Law. A. Input Tax Credit:-Section 18 of GST Act, 2016, deals with provisions related to Input Tax Credit (ITC). Sec. 2(36) states that Input tax means IGST/CGST/SGST paid/charged on supply of Goods/Services which are used, or are to be used, in the course or furtherance of his business.
In this article I have pen down the provisions related to levy of GST on supplies of goods and/or services, Time of supply of Goods and Services and Place of supply of Goods and Services as proposed in report of Sub-Committee-II on Model GST Law.
